Pls Group Limited · ASX:PLS
Pls — Shareholder Meeting (November 2025)
31 slides from Pls's shareholder meeting presentation, Nov 25, 2025
Slide 1: 2025 Annual General Meeting
2025 Annual General Meeting 25 November 2025 ASX: PLS ASX: PLS
Slide 2: Acknowledgement of Country
Acknowledgement of Country PLS acknowledges the Traditional Owners of the land on which we meet, the Whadjuk Noongar people, and pay our respect to Elders past and present. We also acknowledge the Traditional Owners of the land on which our Pilgangoora Operation is located, the Nyamal People and Kar
Slide 3: Management presentation: Dale Henderson
Acknowledgement of Country Management presentation PLS acknowledges the Traditional Owners of the land on which our Pilgangoora Operation is located, the Nyamal People and Kariyarra People of the Pilbara region. We pay our respect to Elders past and present. Dale Henderson Managing Director and CEO
Slide 4: Strategically positioned
Strategically positioned Diversified portfolio, embedded optionality and positioned to capitalise on the market cycle Strategically positioned Exposure to established and ex-China supply chains with flexible operating platform GWANGYANG, SOUTH KOREA POSCO Pilbara Lithium Solution 100% owned assets P
Slide 5: Our Purpose
Our Purpose Vision A leader in the provision of materials supporting the global energy transition Mission Powering a sustainable energy future Li Strategic Operate Grow Chemicals Diversify pillars Deliver our Achieve full Extract greater Diversify operating potential of our value along the revenue b
Slide 6: Strategy Delivery: Capex down, costs down, output up
Strategy Delivery: Capex down, costs down, output up Strategy delivering the benefits of scale and efficiency through disciplined investment Capital Expenditure Unit Operating Costs Production ($M) (FOB A$/t) (kt) 865 654 845 627 569 755 725 580 315 FY24 FY25 FY26e 1 FY24 FY25 FY26e 1 FY24 FY25 FY26
Slide 7: Balance sheet built on discipline
Balance sheet built on discipline Capital discipline maintained with ~$230M cash flow improvement in FY25 Ongoing cost reduction initiatives achieved estimated cash flow Have improvement of ~$230M1 in FY25 supported FY24 No Capex reduced Reduction Corporate cost Cash Balance: dividend by $55M–$100M
Slide 8: Converting cycle returns to structural strength
Converting cycle returns to structural strength $3.1B strategically allocated to growth, dividends and balance sheet strength – converting cycle gains into enduring advantage PLS generated significant cashflow through the Capital allocation – 1 July 2022 to 30 June 2025 ($M) FY22 / FY23 period of st
Slide 9: FY25 highlights
©®PLS FY25 highlights
Slide 10: FY25 – Executing through the cycle
FY25 – Executing through the cycle Operate Grow Chemicals Diversify ✓ Record annual ✓ Commissioned ✓ Key milestones ✓ Acquired production of 755kt world’s largest lithium achieved in South Colina Project ore sorter Korean lithium (Brazil) via ✓ Implemented P850 hydroxide JV plant Latin model ✓ Expan
Slide 11: FY25 financial highlights
FY25 financial highlights Robust balance sheet maintained Sales Revenue Unit Operating Costs 760.1kt $769M $627/t FOB US$406/t FOB Underlying EBITDA 1 FY25 cash3 Total liquidity $97M ~$1.0B ~$1.6B Reported EBITDA2 $78M 1. Underlying EBITDA is the EBITDA which excludes the Mid-Stream Demonstration Pl
Slide 12: FY25 sustainability highlights
FY25 sustainability highlights Valuing our people and Sustainable operations Responsible and ethical actions communities SAFETY FOCUS 2.79 3.1% 7.1% $1.2B $41.3M TRIFR1 – achieving First Nations peoples Absolute scope 1 and 2 Total procurement spend Royalties paid target and below employed – increas
Slide 13: Pilgangoora Operation - from investment to returns
Pilgangoora Operation - from investment to returns Investment cycle complete - delivering scale, operational flexibility and cost reduction P680 expansion Crushing and ore sorting facility Complete P1000 expansion Supports higher production volume and lower unit operating costs. Complete P850 operat
Slide 14: Building long-run cost advantage
Building long-run cost advantage Cost Smart, operating scale and processing improvements driving sustained cost-out continuing into FY26 Mining Processing Move to Owner- Reviews of key Efficiency Consumption Processing Operator model suppliers enhanced and review led to review led to increases reduc
Slide 15: FY26 strategic focus and disciplined growth
FY26 strategic focus and disciplined growth 21
Slide 16: FY26 priorities – focused and disciplined
FY26 priorities – focused and disciplined Unlocking Pilgangoora’s full potential through Operate operational excellence, efficiency gains, and reliability. Maintaining growth readiness through targeted studies Grow and modest investment. Advancing Chemicals strategy selectively, balancing Chemicals
Slide 17: Growth optionality - upstream
Growth optionality - upstream Measured investments provide diversification and future growth optionality Pilgangoora Pilgangoora Colina Project Operation Operation Ngungaju Processing Plant P2000 feasibility study Colina Project, Brazil • Ngungaju expected to remain in ✓ Study outcomes on the ✓ Dril
Slide 18: Growth optionality - chemicals
Growth optionality - chemicals POSCO JV (P-PLS) provides supply chain integration into South Korean battery and EV ecosystem • 18% interest in lithium hydroxide (LH) facility in Gwangyang, South Korea - nameplate capacity of 43ktpa. • Train 1 and Train 2 achieved production of battery grade quality
Slide 19: Growth optionality - chemicals
Growth optionality - chemicals Measured investments provide diversification and future growth optionality Mid-Stream Demonstration Plant • Construction on schedule for completion in the December Quarter 2025. Joint Downstream Partnering Study (Ganfeng) • Study considered over 1,000 sites with severa
Slide 20: Market update
©®PLS Market update 26
Slide 21: Lithium market – untamed and evolving
Lithium market – untamed and evolving An evolving market shaped by volatility, emerging maturity, and rising end-use demand Spodumene concentrate price (SC6.0%, CIF China basis)1 7,500 • Industry emergence - Demand and CY25 price movement supply growing rapidly from a small base 1,200 to serve the e
Slide 22: Rapid growth to date
Rapid growth to date EV adoption and global electrification has driven rapid growth of lithium demand to date with battery storage now a major end use EV sales (M units)1 Battery Energy Storage Systems (BESS) Lithium demand by end-use (Kt LCE)1 demand (GWh)1 25 350 1,400 31% CAGR 46% CAGR 96% CAGR 3
Slide 23: E-mobility expanding rapidly
E-mobility expanding rapidly Lithium demand diversifies beyond passenger vehicles into emerging mobility sectors 80 17% Passenger Car CAGR & Light Duty Vehicle sales (M 60 Emerging areas of e-mobility units)1 40 battery demand 20 Passenger & commercial vehicles – EVs continue their rapid expansion,
Slide 24: China policy driving BESS growth
China policy driving BESS growth Supported by solar expansion and data centre demand 22% uplift over current projections2 Global installed capacity (GW)1 300 • China’s 180GW target by CY27 represents a 55% CAGR transformational uplift, requiring US$35B investment through CY27. • Requires 106GW of ne
Slide 25: Strong growth fundamentals
Strong growth fundamentals Structural drivers include energy transition, technology adoption and government policy Global EV penetration (%)1 BESS demand (GWh)1 Lithium demand (Kt LCE)1 80% 1,400 6,000 70% 8% CAGR 1,200 9% CAGR 10% CAGR 5,000 60% 1,000 4,000 50% 800 40% 3,000 600 30% 2,000 400 20% 2
Slide 26: Focused. Disciplined. Positioned for the Future.
Focused. Disciplined. Positioned for the Future. 32
Slide 27: Thank you
Thank you ©®PLS
Slide 28: Contacts
Contacts Investor Relations James Fuller Group Manager, Investor Relations T: +61 (0) 488 093 763 James.Fuller@pls.com Media Michael Vaughan Fivemark Partners T: +61 (0) 422 602 720 52
Slide 29: Appendix
©®PLS Appendix 53
Slide 30: Important notices
Important notices This document has been prepared by Pilbara Minerals Limited (PLS or the Group) and is dated 25 November 2025. Not an offer of securities This document is provided for informational purposes and does not constitute or contain an offer, invitation, solicitation or recommendation with
Slide 31: Important notices
Important notices Important Information regarding Mineral Resources, Ore Reserves Information in this document regarding production targets and expansions in nameplate capacity of the Pilgangoora Operation in respect of the P850 and P1000 operating models and the P2000 expansion project, are underpi